
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2004
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______to _____
Commission file number 000-21640
STATION CASINOS, INC.
(Exact name of registrant as specified in its charter)
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Nevada |
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88-0136443 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
2411 West Sahara Avenue, Las Vegas, Nevada
(Address of principal executive offices)
89102
(Zip Code)
(702) 367-2411
Registrants telephone number, including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer. Yes ý No o
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.
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Outstanding at October 29, 2004 |
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Common stock, $0.01 par value |
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66,057,220 |
STATION CASINOS, INC.
INDEX
2
PART I - FINANCIAL INFORMATION
STATION CASINOS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
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September 30, |
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December 31, |
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2004 |
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2003 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
53,831 |
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$ |
62,272 |
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Receivables, net |
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18,234 |
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28,224 |
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Inventories |
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4,903 |
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5,110 |
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Prepaid gaming tax |
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16,898 |
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14,940 |
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Prepaid expenses |
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8,213 |
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7,114 |
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Deferred income tax |
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16,804 |
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Total current assets |
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102,079 |
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134,464 |
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Property and equipment, net |
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1,284,651 |
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1,158,299 |
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Goodwill and other intangibles, net |
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156,070 |
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148,717 |
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Land held for development |
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131,751 |
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119,197 |
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Investments in joint ventures |
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99,772 |
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86,425 |
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Other assets, net |
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119,022 |
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98,870 |
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Total assets |
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$ |
1,893,345 |
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$ |
1,745,972 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
23 |
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$ |
22 |
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Accounts payable |
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8,335 |
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20,438 |
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Construction contracts payable |
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20,725 |
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Accrued expenses and other current liabilities |
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102,734 |
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121,856 |
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Total current liabilities |
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131,817 |
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142,316 |
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Long-term debt, less current portion |
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1,287,759 |
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1,168,935 |
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Deferred income tax, net |
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21,860 |
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65,285 |
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Other long-term liabilities, net |
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35,189 |
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29,497 |
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Total liabilities |
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1,476,625 |
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1,406,033 |
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Commitments and contingencies |
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Stockholders equity: |
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Common stock, par value $0.01; authorized 135,000,000 shares; 75,639,442 and 70,912,227 shares issued |
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544 |
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497 |
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Treasury stock, 10,157,135 and 10,121,677 shares, at cost |
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(136,154 |
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(134,534 |
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Additional paid-in capital |
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517,966 |
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387,973 |
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Deferred compensation - restricted stock |
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(76,865 |
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(27,003 |
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Accumulated other comprehensive loss |
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(1,110 |
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(1,334 |
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Retained earnings |
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112,339 |
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114,340 |
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Total stockholders equity |
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416,720 |
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339,939 |
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Total liabilities and stockholders equity |
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$ |
1,893,345 |
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$ |
1,745,972 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
STATION CASINOS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(unaudited)
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Operating revenues: |
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Casino |
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